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  "documentTitle": "PROCEPT BioRobotics Corporation (PRCT)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "This slide establishes the operational context for the activist thesis, specifically linking handpiece sales to procedure volume.",
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      "text": "One disposable handpiece is used per procedure, making Procept's disclosure of handpiece units sold (ignoring the time lag between invoice and use) a rough proxy for Aquablation procedures completed.",
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      "text": "Before treatment, a transrectal ultrasound is used to produce an image of the prostate and map the surrounding area. The surgeon creates the treatment plan by drawing on the image the area of the prostate to be resected. Patients undergo general anesthesia. The surgeon inserts the handpiece instrument guide into the urethra through the penis. Based on the treatment plan, a high-pressure, heat-free waterjet is automatically directed at and destroys the targeted tissue. After resection, electro-cautery/thermal energy via a standard cystoscope/resectoscope, use of a tamponade balloon catheter, or traction from a 3-way catheter balloon is used to stop bleeding. The patient stays the night in the hospital to irrigate the bladder to prevent blood clots. The patient often remains catheterized for 1-3 days. Patients are advised not to have sex or engage in strenuous physical activity for several weeks.",
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      "text": "Procept Products",
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      "text": "Aquablation Procedure Overview",
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      "text": "The typical Aquablation procedure is performed in a hospital operating room and lasts less than one hour. One disposable handpiece is used per procedure, making Procept's disclosure of handpiece units sold (ignoring the time lag between invoice and use) a rough proxy for Aquablation procedures completed.",
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      "kind": "source-note",
      "text": "Source: Procept Q3 2024 earnings call transcript, Procept October 2024 investor presentation, Procept SEC filings Spruce Point research",
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      "text": "Overview Of Procept's Aquablation Procedure",
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